Arden Pays Special Dividend as Sales Sink

Arden Group, parent of the Gelson’s Markets chain, said Tuesday that its board of directors had approved a special $25-per-share dividend for shareholders despite falling quarterly sales and earnings.

Nov 05, 2008

LOS ANGELES — Arden Group, parent of the Gelson’s Markets chain, said Tuesday that its board of directors had approved a special $25-per-share dividend for shareholders despite falling quarterly sales and earnings. The $79 million payment to Class A shareholders — $45 million of which would go to Bernard Briskin, chairman and chief executive officer and holder of 57% of the company’s Class A stock — recognizes Arden’s “strong financial position, including its cash, marketable securities and p